Headline

Oil Prices Jump As Hamas-Israel Attacks Fuel Supply Fears

Published

3 years ago

October 9, 2023

Israel, reeling from the deadliest attack in half a century, formally declared war on Hamas Sunday as the conflict’s death toll surged above 1,000 after the Palestinian militant group launched a massive surprise assault from Gaza.

Oil prices rallied while the dollar and yen advanced Monday after Hamas launched a shock attack on Israel at the weekend, sparking fresh concerns about tensions in the Middle East.

The crisis fanned concerns about supplies of crude from the region at a time when supply worries are already high owing to Saudi Arabia and Russia’s output cuts.

It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices, giving a fresh headache to central banks as they try to ease up on interest rate hikes to avoid recessions.

The surprise attack and Israel’s declaration of war in response to it have left more than 1,000 dead and raised concerns that a potential broadening of the conflict could draw in the United States and Iran.

“Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia,” said ANZ Group’s Brian Martin and Daniel Hynes.

“Initially at least, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected.”

Both main contracts surged more than five percent in early Asian business before easing back as the day wore on.

However, SPI Asset Management’s Stephen Innes warned: “Historical analysis suggests that oil prices tend to experience sustained gains after the Middle East crises.

“Meanwhile, stocks tend to eventually recover and trend higher after an initial period of volatility. Safe-haven assets like gold and Treasurys, which initially see gains during such crises, tend to fade from their initial price spikes as the situation stabilises.

“But with Middle East analysts considering this to be a pivotal moment for Israel, the view looks incendiary in any current scenario.”

A decidedly risk-off mood also saw investors push into the safety of the dollar, which was up against the pound and euro, as well as the Australian and New Zealand dollars.

The yen, considered one of the safest currencies, strengthened against the greenback, though it still remains locked around 11-month lows.

Gold, another key haven, gained around one percent.

Equity markets were mixed, with Shanghai dropping on its first day back after a week-long holiday as investors continue to fret over the stuttering Chinese economy.

There were also losses in Mumbai, Singapore, Manila, Bangkok and Wellington, though Hong Kong rose in shortened trade, having been closed in the morning owing to a typhoon.

Sydney and Jakarta eked out gains. Tokyo was closed for a holiday.

London edged up while Paris and Frankfurt were lower.

The tepid performance came despite a rally on Wall Street, where traders welcomed data showing a forecast-busting jump in new jobs but wage growth slowing.

The “Goldilocks” figures — neither too strong nor too weak — lifted optimism the world’s top economy can avoid a recession even as the Federal Reserve keeps rates elevated.

Still, there are worries the bank will hike one more time before the end of the year, with officials determined to bring inflation to heel and keep it at their two percent target.
AFP

Headline

Xenophobia: FG To Repatriate Over 1,000 Nigerians From South Africa

Published

2 days ago

June 7, 2026

Editor

Nigerians in Diaspora Commission (NiDCOM) says more than 1,000 Nigerians in South Africa have undergone screening for voluntary repatriation being facilitated by the Federal Government.

Mrs Abike Dabiri-Erewa, Chairman/Chief Executive Officer of NiDCOM, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja on Saturday.

Dabiri-Erewa said the screening was being conducted jointly by the Nigerian High Commission in Pretoria and South Africa’s Department of Home Affairs.

According to her, Saturday marked the third day of the exercise for Nigerians intending to voluntarily return home from South Africa.

“The turnout at the High Commission of Nigeria in Pretoria has been truly impressive.

“The screening started early on Saturday, and Nigerians came out in large numbers to participate in the process.

“In spite of the emotional atmosphere surrounding the prevailing tensions and uncertainty, the exercise has been smooth, peaceful, organised, and highly professional under the supervision of the Nigeria’s Acting High Commissioner, Amb. Olatunde Ajayi.

“More than 1,000 Nigerians have registered for the voluntary evacuation, and many more are registering.

“All things being equal, the flights are expected to commence next week through Air Peace, as President Bola Tinubu has approved funds for that purpose,” she said.

Dabiri-Erewa added that five flights are expected to be deployed for the repatriation, with the first batch of evacuees scheduled to depart for Nigeria next week.

NAN reports that the repatriation of Nigerians is coming amid safety concerns of foreign nationals following recent anti-immigrant protests in parts of South Africa.

Headline

Gunmen Shoot 12 People Near Ohio Festival In US

Published

2 days ago

June 7, 2026

Editor

At least 12 people were injured in a shooting near a community festival in the US state of Ohio, prompting a police search for those responsible.

The incident occurred on Saturday near the Old West End Festival in Toledo, according to the Toledo Police Department.

Police said officers responded to reports of gunfire at about 5:37 p.m. local time near the festival grounds.

In an update, authorities said 10 of the victims were in stable condition, while two remained in critical condition.

Speaking on the incident, Toledo Deputy Police Chief Joe said preliminary investigations suggest the shooting involved two individuals.

“It appeared that two people fired weapons and they were probably shooting at each other,” he said, adding that the victims range in age from 16 to 61 years.

Earlier, Toledo Mayor Wade Kapszukiewicz told local broadcaster WTOL 11 that all of the victims were expected to survive.

The Old West End Festival is a two-day annual event that celebrates one of the largest historic districts in the United States. Activities include live music, food vendors, shopping, house tours, and other community attractions.

Police said investigators are focusing on the area around Delaware Avenue and Robinwood Avenue, where festival activities were taking place.

Videos shared on social media appeared to show festival attendees running for safety as multiple gunshots rang out. Other footage showed emergency responders attending to injured individuals and transporting some victims on stretchers. The videos have not been independently verified.

Reacting to the incident, Ohio Governor Mike DeWine expressed concern and offered support to those affected.

“I am deeply concerned about the situation in Toledo tonight,” he said.

“Summer festivals should be safe spaces for families to spend time together without fear of violence. Fran and I are praying for everyone impacted by the incident at the Old West End Festival, and we are confident that law enforcement will locate the suspects involved in this senseless crime.”

Police have not announced any arrests and continue to search for the suspects.

Headline

US Plans To Use Frozen Iranian Assets To Compensate Gulf Allies

Published

2 days ago

June 7, 2026

Editor

The United States (US) Treasury Department is considering the use of frozen Iranian assets to help Gulf allies recover from damage linked to attacks by Iran during the ongoing conflict, according to a source familiar with Treasury Secretary Scott Bessent’s position.

The source told CBS News on Saturday that the Treasury intends to explore all available legal authorities to make Iranian assets accessible for rebuilding and repair efforts related to any future damage caused by Tehran.

According to the source, Bessent has directed the Treasury Department to obtain detailed estimates from Gulf allies on the costs of repairing damage attributed to Iran since the conflict began.

The department is also assessing whether Iranian assets could be used to fund repairs for damage already sustained by Gulf countries during the war.

The source, however, said it remains unclear which specific Iranian assets could be utilised. These could include frozen cash held in foreign bank accounts or physical assets such as oil tankers.

The development comes as indirect peace talks between the United States and Iran continue.

Iran has maintained that any agreement would require the removal of sanctions and the release of billions of dollars in Iranian assets frozen abroad.

Since the conflict erupted in late February, Iran has carried out intermittent missile and drone attacks targeting Gulf states, including Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain, Qatar, and Oman.

The reported Treasury proposal signals a possible shift in how the United States may seek to address the financial impact of the conflict on its regional partners while discussions with Tehran continue.